(Oslo, 18 July 2006) - Norwegian Property ASA (OTC: NPRO) has completed a private placement worth NOK 300 million. The offering was directed to new investors as well as existing shareholders.
 
The company's share capital has increased by around 10 per cent from this transaction. Based on the issue price of NOK 50 per share, the market value of Norwegian Property is now about NOK 3.5 billion.
 
The shares were acquired by a broad range of institutional investors in the USA, the UK and Norway.
 
"We're pleased that this issue was met with great interest in an otherwise difficult and turbulent stock market," says Knut Brundtland, chair of Norwegian Property.
 
"In addition to a good response from existing shareholders, the issue secured us new owners. We regard that as particularly gratifying. Our new chief executive, Petter Jansen, has also become a shareholder."
 
The following primary insiders participated in the issue:
  • new chief executive Petter Jansen, who takes office on 28 August
  • the Anders Wilhelmsen group with companies
  • Torstein Tvenge with companies.
           
Following the issue, the Anders Wilhelmsen group has a 23 per cent shareholding, while Mr Tvenge with companies own 11.8 per cent. Mr Jansen acquired shares worth NOK 2 million in the offering.
 
 
 
Norwegian Property ASA aims to offer investors a liquid investment alternative exposed to commercial property in Norway. It invests in large, centrally-located commercial properties in the main Norwegian towns, and currently has 41 such holdings with a total area of almost 533 000 square metres. Gross annual rental income amounts to about NOK 815 million. The long-term aim is to become the biggest and most liquid investment alternative in Norway's commercial property market.
           
The company is listed on Norway's over-the-counter market with the ticker code NPRO, and intends to apply for a listing on the Oslo Stock Exchange during the second half of 2006. With more than 100 shareholders, it has a market value of roughly NOK 3.5 billion.
 
 
Further information from
Knut Brundtland, chair, Norwegian Property ASA, tel: +47 40 06 20 20